Debt after PhD?

[dreamerr33]

Hey everyone,

I am about to join a PhD program in US this fall. I recently came across an Article about debt during PhD. The article mentions that the average grad school debt for Social Science PhD holders is $24,581, but it doesn't mention how students go into debt.

My field is Social Sciences. Although I have been offered a tuition waiver and stipend for 5 years. Should I be concerned?

[MarineBluePsy]

Well every students circumstances are going to be different so accruing debt could be due to a high cost of living city, unexpected medical expenses, child care, a spouse being unemployed, a roommate that leaves you high and dry, travel home, unfunded summer semesters, car repairs, etc.  The debt could come from student loans, credit cards, or private loans.

Edited April 22, 2018 by MarineBluePsy

[ExponentialDecay]

I mean, what's your situation?

Most stipends are enough for a single childless person to scrape by on in their area, but not enough to cover emergencies or significant life changes. If you are young and healthy, don't anticipate any costly emergencies, and have family/savings/alternative sources of income to fall back on if any do arise, you should be less concerned than if you are old and sick and have dependents and a weak support system. But also, life is unpredictable and a PhD takes a long time.

[DD94]

A professor at my school still has debt from his PhD and its been about 15 years since he finished. The thing is he was living in New York City where the cost of living is exorbitant AND had medical issues. 1+2 = lots of debt. Its all foing to depend on you, your situation and your choices.